London Property Prices Break £300K

We all know that London property prices are shockingly expensive. But just in case you were in any doubt about it, Halifax, Britain's biggest mortgage lender, has released new figures that leave little room for debate.

The average price of a home in London is now £313,122. In the rest of the South East, that figure drops slightly to a mere £259,904.

That means that the average home is now above the level at which inheritance tax kicks in, and means a stamp duty of 3% rather than 1%.

It's all very depressing, unless you're selling your home. In that case, we're sure you're doing a dance of joy.

Just for comparison, here's a look at what that £313,122 could buy you if you lived elsewhere:

San Pedro, California, USA ($642K USD) - Four bedroom, three bathroom house with spa.